They were formed in 1988, during the Thatcher-era, at a time when arts grants were not especially forthcoming. A group of 16 artists, most of whom were graduates of London's Goldsmiths College, were assembled by Damien Hirst[?] to take part in an exhibition he was curating called Freeze. A lack of interest in modern art on the part of the major galleries led to the show being held in a Docklands warehouse.

One of the visitors to the exhibition was rich art-collector and advertising-mogul Charles Saatchi[?], who has since bought much of the group's work. In addition to Saatchi's patronage, the collective have benefited from the intense media-coverage and controversy that tends to surround the Turner Prize, and also from a fleet of new contemporary galleries such as Jay Joplin[?]'s White Cube[?], and more recently Tate Modern.

However, much of the YBA's work (dubbed Britart[?]) is owned by Saatchi, which led to his 1997Sensation exhibition, containing much of his personal collection, and shown in London and New York.